ON (NYSE:ONON) Shares Down 7.4% – Time to Sell?

Shares of On Holding AG (NYSE:ONON) dropped 7.4% on Monday . The company traded as low as $35.73 and last traded at $36.0130. Approximately 2,359,005 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 6,067,393 shares. The stock had previously closed at $38.88.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ONON. Stifel Nicolaus set a $58.00 target price on ON in a report on Tuesday, March 3rd. BTIG Research reiterated a “buy” rating and issued a $70.00 price target on shares of ON in a report on Tuesday, March 3rd. Sanford C. Bernstein reissued an “outperform” rating on shares of ON in a research report on Wednesday, March 4th. Evercore set a $42.00 price objective on shares of ON in a report on Tuesday, May 12th. Finally, Needham & Company LLC dropped their target price on shares of ON from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.05.

ON Trading Up 1.6%

The company has a market cap of $22.78 billion, a PE ratio of 38.42, a PEG ratio of 0.70 and a beta of 2.10. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. The stock has a 50 day moving average price of $37.17 and a 200 day moving average price of $41.41.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.The firm’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. Sell-side analysts predict that On Holding AG will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at ON

In other ON news, CEO David Michael Allemann purchased 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the transaction, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. The trade was a 2.16% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction of $148,736.00. Following the sale, the chief executive officer directly owned 1,385,099 shares in the company, valued at $49,641,948.16. The trade was a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have bought 180,000 shares of company stock worth $6,594,000 and have sold 16,600 shares worth $580,710.

Institutional Investors Weigh In On ON

A number of hedge funds and other institutional investors have recently bought and sold shares of ONON. Caitlin John LLC purchased a new position in shares of ON in the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. boosted its stake in ON by 639.7% in the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after purchasing an additional 467 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in ON during the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its stake in ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock valued at $33,000 after purchasing an additional 594 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after purchasing an additional 312 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.